Ultra high net worth individuals in the US are more likely to be attracted to multi-family offices than traditional wealth managers, according to new research.
US-based consultancy Cerulli Associates estimates traditional wealth managers have lost up to 3% of their share of UHNW clients to multi-family offices in the past few years.
According to the research, the top multi-family office in the US is Bessemer Trust, a New York-based office with approximately $48.3 billion of assets under management.
